Akamai prices upsized USD 3 billion zero-coupon convertible notes offering

Akamai Technologies

Akamai Technologies

AKAM

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  • Akamai priced an upsized private offering of 0% convertible senior notes totaling USD 3 billion.
  • The deal comprises USD 1.5 billion of notes due 2030, USD 1.5 billion due 2032.
  • Initial purchasers hold an option for up to an additional USD 500 million of notes across the two tranches.
  • Net proceeds were estimated at about USD 2.96 billion, earmarked mainly for accelerated capital spending in the Cloud Infrastructure Services business.
  • About USD 350 million of proceeds are set for share repurchases at USD 141.34 per share, with about USD 203 million allocated to convertible note hedge costs net of warrant proceeds.


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